Josh Mitchell
speaker
438 appearances
7 recordings
1 series
first heard Jul 2017
last heard Feb 2022
Josh Mitchell’s voice in public audio — every appearance, attributed to the second.
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Appearances
So if you're spending more on gasoline, that might mean you're spending less going out to eat.
And that affects the local business owner, the local restaurateur.
Or it might mean that you don't go on vacation this year or take fewer vacations, which is going to affect the tourism industry.
Sure, thanks.
So Russia and Ukraine and that whole region are a big exporter of oil.
A lot of oil that the world gets comes from that region.
And so the concern is, is that if there is a conflict, if there's a war, if there's an invasion, which has started, that could disrupt exports of energy supplies, particularly oil, to the rest of the world.
What that means is the supply of oil could go down.
And obviously, the price of oil is determined by supply and demand.
So that's the big concern here.
Also, sanctions against Russia could affect commodities trading, which could have an effect on the supply of oil as well.
So there is a complex relationship here, but it all comes down to how smoothly oil markets are going to flow after this.
In some ways, it's more symbolic, but it's a significant milestone in the sense that that's at the highest that oil has traded since 2014.
And the other thing to keep in mind is that it's gone up very quickly.
You know, just in the past year, oil, you know, by some benchmarks is up by a third.
And so this comes as we're already in a high inflation environment.
The cost of living has gone up very quickly in the United States.
Gasoline prices are a big reason why.
So, you know, yes, $100 isn't much different than $99 and one cent's no, but it is a symbolic threshold and it's eye-opening considering how quickly it's risen.
Right.
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